REPORT DIGEST

IMSA FUND FOR ADVANCEMENT OF EDUCATION

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2021

Release Date:  March 17, 2022

FINDINGS THIS AUDIT:  0
FINDINGS LAST AUDIT: 0

State of Illinois, Office of the
Auditor General
FRANK J. MAUTINO, AUDITOR GENERAL

To obtain a copy of the Report
contact:
Office of the Auditor General, Iles
Park Plaza, 740 E. Ash Street,
Springfield, IL 62703
(217) 782-6046 or TTY (888) 261-2887

This Report Digest and Full Report are
also available on the worldwide web at
www.auditor.illinois.gov

INTRODUCTION

The IMSA Fund for Advancement of
Education (Fund) was incorporated
February 6, 1986 as an Illinois not-
for-profit corporation.  The Fund
serves as the primary source of
private funding for the Illinois
Mathematics and Science Academy
(Academy).  The primary functions of
the Fund are to raise funds from the
private sector, oversee the management
and distribution of the Fund’s assets
and to enrich the Academy’s education
programs.  Private sector
contributions also provide resources
to enhance the Academy’s continuing
development as an educational
laboratory for schools and teachers
throughout the State.

This digest covers the Fund’s
financial audit as of and for the year
ended June 30, 2021.  The Fund’s State
compliance examination covering the
years ended June 30, 2021, will be
issued separately.

AUDITOR’S OPINION(S)

The auditors stated the financial
statements of the Fund as of and for
the year ended June 30, 2021, are
fairly stated in all material
respects.

This financial audit was conducted by
Borschnack, Pelletier & Co.

JANE CLARK
Division Director

This report is transmitted in
accordance with Section 3-14 of the
Illinois State Auditing Act.

FRANK J. MAUTINO
Auditor General

FJM:JGR